Mastercard has announced the launch of a service to ensure verifiable and compliant transactions between crypto user wallets.
Mastercard is launching a new product called the “Mastercard Crypto Credential” to improve user verification standards and reduce the risk of fraud in the crypto space. Mastercard Crypto Credential will provide secure transactions between Mastercard verified users.
To achieve this, users will be provided with a “MasterCard Cryptographic Credential Unique Identifier” that will allow them to instantly verify that the address they are sending money to has been verified by the company and meets MasterCard’s standards.
The payment processing giant said in a statement statement:
Mastercard Crypto Credential will establish a common set of standards and infrastructure to help prove trusted interactions between consumers and businesses using blockchain networks. Mastercard Crypto Credential can unlock multiple use cases as consumer and business authentication needs vary by market and compliance requirements.
Mastercard Crypto Credential adopts from password trackinga blockchain analytics platform that Mastercard agreed to acquire in 2021.
The new service will ensure verifiable and compliant transactions between user wallets, starting with cross-border transactions.
Raj Dhamodharan Announces First Mastercard Crypto Credentials Consensus 2023, He said:
“If two people want to transfer value from one country to another, the level of compliance and verification required is complex.” He added, “So how do you identify these wallets. And how do you exchange enough information about each other? “
Mastercard has partnered with wallet providers Bit2Me, Lirium, Mercado Bitcoin and Uphold to launch the service. The payments giant and its partners are currently working on a project to facilitate money transfers between the US, Latin America and Caribbean corridors.
Disclaimer: This article is for informational purposes only. It does not provide or be intended to be used as legal, tax, investment, financial or other advice.